Are you looking for tips to save money faster? You’re not alone. A recent study by realestate.com.au found that 55 per cent of first home buyers in Australia received financial support from their parents when buying a home. Think that’s high? Two thirds of first home buyers receiving parental support received an average of $88,450 from their parents.
We’re just going to repeat the number of $88,450 just in case you thought it was a typo. It’s not.
But don’t worry if you can’t receive financial assistance as we’ve got 5 tips to help you save money faster.
One man’s trash is another man’s treasure
Ok, so tidying your house may not be everyone’s idea of fun, but there’s a reason Marie Kondo’s minimalist lifestyle has become a worldwide phenomenon. Not only will you have more space after decluttering, but there are plenty of second hand stalls around Perth where you can make some extra cash.
Track your spending
Do you know how much money you spend a month on alcohol? What about on takeaway? Recording your daily expenses might not sound fun, but there are plenty of free apps that can help you get on top of your spending. In fact, many banks such as Commonwealth Bank can categorise your expenses so you see how much your spending and where. So that $5 morning coffee might not seem like much, but that can add up to $1,200 a year!
We all love to eat out, and it’s even better when it’s cheap! There are so many great restaurants in Perth and many of them are offering consistently low prices. The Urban List has identified 15 of Perth’s best cheap eats, but we’d love to hear of any local places that you know.
Negotiate your rates
When’s the last time you negotiated your insurance rates? Comparing your current deal to a competitor’s quote can give you the opportunity to reduce your payments. All it takes is a phone call to your insurer.
Make it automatic
Setting up an automatic transfer into a separate bank account is another tip to save money faster. Not only will you start accumulating your savings, but many banks offer high interest accounts so transferring a certain amount can earn you money.
Saving for a deposit can be hard, especially if you’re renting. Fortunately, there are many finance options that require either a minimal or no deposit. Move Homes has partnered with Home of My Own Foundation to assist first home buyers to start owning their own home. So if you want to own your home sooner rather than later, or are looking for other tips to save money faster, get in touch with us today.